October new home sales dive by half following clampdown on OTP reissue

Singapore

SALES of new private homes in October were less than half that in the month before - which analysts have put down to buyers holding back on purchases following the clampdown on the re-issuing of options to purchase (OTPs) by developers.

New private home sales in October numbered 630, said Lee Sze Teck, Huttons Asia's director of research, who had looked at caveats filed with the Urban Redevelopment Authority (URA) on Nov 10. (To be clear, the monthly sales figure may still change when the URA releases its take-up data next week.)